Post Incorporation Compliances of LLP
Limited liability partnership or LLP is a new form of entity that although is a partnership but it has the salient features of a company. In easy terms it can be said as a company in form of a partnership. An LLP as the name suggests provides limited liability to its partners up to the value of capital contribution made by them. Unlike normal partnership it does not consider the personal estate of its partners as the estate of the partnership firm. LLP is formed and governed by Limited Liability Partnership Act, 2008. Post incorporation compliances of LLP there are certain compliances that must be followed.
A partnership agreement is the constitution of every partnership. It consists of rights and duties of each partner and has answers to all the problems that might arise in course of partnership among partners. As per the LLP Act, every limited liability partnership must get their LLP Agreement filed with the Ministry of Corporate Affairs (MCA) within 30 days of its incorporation.
Having an LLP Agreement is mandatory and if it is not formulated it must be executed. Non filing of LLP Agreement within 30 days attracts a fine of Rs. 100 per day and it is without a cap limit.
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Like a company LLP too enjoys a separate legal entity. Thus LLP seal is required to enter into transactions, apply with with tax departments, open bank accounts, make purchases, sell goods etc. The seal must be round and must have its name embossed on it.
Once an LLP is incorporated it must apply for a PAN Card. The application must bear the LLP seal and signature of the designated partner.
Open a Bank Account
Another important task post incorporation is to open a current account at a bank. To open a bank account you’ll need:
- Copy of LLP Agreement
- Copy of PAN Card
- Copy of COI
- Copy of DPIN of designated partner
- ID Proof of authorized signatory
- Address proof of LLP like telephone bill
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